What does "ring-fencing" mean especially in relation to property claims?

  Written by Marc   Posted 1 July 2013

When earning rental income there is a big section on your tax form to fill out. At the end of this section you specify whether it was a profit or loss (4210 and 4211). For a loss (4211) you get the option of ring-fencing with the text "Should the loss incurred be excluded (ring-fenced) for the calculation of your tax liability?"

What does this option mean? Everything I've read about it is incredibly confusing and full of legal jargon I don't understand. Under what circumstances should...

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I want to find out if we can claim expense from winding up an estate & bond transfer costs from SARS

  Written by Marc   Posted 1 July 2013

My wife passed away last year and the estate has now been wound by Old mutual Trust. The fees that I paid was -R52 000-00. OMT gave me a statement which I was said to keep for tax purposes. Can any cost be recovered from SARS? Our Property was on both our names. The property was transferred to my name and the bond was paid up. Can the transfer cost be recovered from SARS?

Does my wife have to submit a return if we receive rental income?

  Written by Marc   Posted 1 July 2013

My wife earns under the threshold even with the rental income, the property is in both our names
Does she have to submit a return or can I alone submit it on my return?
We are married in COP.

What supporting documents must l add to my personal tax return?

  Written by Marc   Posted 27 June 2013

I'm busy doing my personal income tax and don't know what documents I must submit example medical just know about my IRP5/ I'm in a medical fund so what must I declare will you please help me Tim?

What documentation do you have to carry with you when you go to SARS to do your tax returns?

  Written by Marc   Posted 26 June 2013

What documentation do you need to submit your tax returns claim to SARS?

What is the limit for tax free donations?

  Written by Marc   Posted 26 June 2013

Hi Tim

My girlfriend sold a house she inherited from her deceased mother and would like to split the income with her sister. The amount is approx R500 000, is there a way to transfer the money as a lump sum to her sister tax free?

An accountant advised us to "loan" her sister the whole amount and then to pay off the loan in lumps of R100 000 per year to avoid the 20% donations tax, but every year she needs to complete a declaration together with her tax form submission. Is ...

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Tax on leased property?

  Written by Marc   Posted 25 June 2013

I rent out my property but still pay a bond. This is not my primary residence. Do I still need to pay tax?

Study expenses for my son?

  Written by Marc   Posted 17 June 2013

My son studies away from home and I pay all his expenses. He has a study loan. I pay the interest on his study loan amounts to R 1000 per month. Can I claim any of his expenses back?

How to get the IRP5 Form with SARS letterhead?

  Written by Marc   Posted 17 June 2013

I'm in the process of purchasing property and the bank has requested for the IRP5 form with the SARS letterhead. How can I receive this form.I am a tax payer with a tax number.Pls assist

Big trouble! SOS

  Written by Marc   Posted 4 June 2013

Hi Tim - I stumbled on this website today and it looks very helpful!Owing to a number of reasons beyond our control and sheer overwhelm by a 'black swan'-type situation since 2005, both my husband and I were not able to resolve our business and personal tax situation to date. Could we use TaxTim to complete Tax returns backdated to 2005?Hope you can help!

What to do with following expences whilst renting out student accommodation (commune)?

  Written by Marc   Posted 30 May 2013

Part of Personal income.
1. Do I enter bond payments for the property anywhere?
2. What about security payments to Chubb?
3. What about Furniture & appliances - all rooms are furnished.

South African offshore divers working more than 183 days out of SA, do we have to pay tax now ?

  Written by Marc   Posted 30 May 2013

South African divers working offshore on vessels in international waters for foreign companies (not South African companies), and working more than 183 days offshore with one trip longer than 60 days continuous. Do we have to pay tax now in the near future? I heard they want to change the tax law for all expats working offshore.

When do you submitt your IT3(b) certificate?

  Written by Marc   Posted 24 May 2013

I recenlty received a IT3(b) now I dont quit know whether the amount of money reflected there will be given to me or it is an amount that I already have received.

Tax number for a retired person with Residence Permit?

  Written by Marc   Posted 22 May 2013

How can I get a Tax number in SA when I don't have an income in SA?I have some interest income from my bank in my origin country, they claim I need a tax number in SA.How can I register to get that?

Procedure in submitting IRP5 form and steps thereafter?

  Written by Marc   Posted 22 May 2013

I have an IRP5 tax return form from my company and want to know the procedure to submitting and whats the procedure thereafter?

How can RSA citizen abroad for 8 yrs with rental property in SA register at SARS?

  Written by Marc   Posted 21 May 2013

Too pricey to fly back personally

How do I calculate fringe benefit tax on my vehicle?

  Written by Marc   Posted 21 May 2013

vehicle was purchased 2009 on hp, value including vat R433000.00 deposit R95000.00, financedamount R379000I use the car daily to go to work/home but am on clients sites most days for business.not sure how to work out paye monthly on this?rose

If I do 183 or more and 60 cont. and get paid from a company abroad I am tax free so to speak?

  Written by Marc   Posted 19 May 2013

Now, if I do 150 and 60 cont. I need another 33 days to be tax free. Let's say I have a vacation in botswana and namibia for 40 days, do those days count towards my tax days.

SARS requested additional documentation but didn't tell me

  Written by Marc   Posted 10 May 2013

I am a provisional taxpayer... I work freelance and my income fluctuates. I've been doing my own tax through efiling for several years now, and have never had a problem. So this year, I send off my return on January 29 (yes, I know, leaving it till the last minute... every year I
promise I won't do that!!), and my assessment comes back, I'm owed R120.56. The amount is so small because I actually already did all the calculations in order to make my third provisional payment by the September deadline, so as not to incur any interest....

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Will I pay tax on my rented house if I use that money to rent a house in another area?

  Written by Marc   Posted 9 May 2013

I only own the 1 property.

What is the importance of compiling a VAT return if you are an accommodation provider?

  Written by Marc   Posted 9 May 2013

This will be a persentation I have to present to 35 small businesses which provide accommodation to university students. I was asked to have a full understanding about VAT/TAX for accommodation providers, please help me as I am about to present this on this coming monday.

Tax Return

  Written by Marc   Posted 8 May 2013

I am a music teacher. I teach part time at a school. I receive a payslip and the school deducts 25% for paye. I also have a private music studio at my home. When I complete my tax return do I just need to add the income from my private students as my income from the school will be showing already. Also, are there any deductions I can claim in terms of my home studio.

I need help with an eFiling request for correction?

  Written by Marc   Posted 3 May 2013

I moved jobs from one company to another in September 2011, last year when it was time for eFiling I only had the IRP5 form for my current employer. I could not get my previous IRP5 form from my previous employer as the company had been closed. After submission I was asked by SARS to provide supporting documents which I did, as it was my first time submitting, I didn't know that I needed to submit all IRP5 forms for the 12 calender month. My submissions where finalized and I got a penalty fee of...

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Rental Income & Rental Expenses, where do I include them in my tax return?

  Written by Marc   Posted 30 April 2013

Where exactly do I complete these amounts? My annual rental income is R50k.

What are the allowable deductions for companies with reagrds to employees and loans?

  Written by Marc   Posted 24 April 2013

Is there a new allowable deduction for companies with regards to loans for employees to help with their living expenses and loans that are unrecoverable from employees.
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